Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Nicolet Bankshares Inc to the U.S. Securities and Exchange Commission. The report details the company's holdings of equity securities as of the reporting period ending June 30, 2017. As a Form 13F, this document discloses investment positions rather than the company's own operating financial results.
Key Financial Metrics and Portfolio Composition
The filing lists numerous equity positions, including common stocks and exchange-traded funds (ETFs). Key portfolio characteristics include:
- Top Holdings by Value: The largest single position by value is Nicolet Bankshares Inc (the company's own stock), valued at approximately $39,334,000 (718,953 shares). Other significant holdings include General Electric Corp ($1,644,000), Wells Fargo & Co ($2,977,000), and ExxonMobil Corp ($2,579,000).
- ETF Exposure: The portfolio holds substantial positions in various ETFs, including FlexShares Global Upstream Natural Gas ($13,767,000), Vanguard FTSE Developed Market ($6,543,000), and FlexShares IBOXX 3-Year Target Duration ($5,887,000).
- Voting Authority: The company reports "Sole" voting authority for the majority of listed positions. Some positions, such as Alphabet Inc. and Apple Inc., show "Shared" voting authority.
- Derivatives: The filing indicates the presence of "Other" (OTR) positions, which typically represent derivatives or non-standard holdings, for securities like Nicolet Bankshares Inc, FlexShares Global Upstream Natural Gas, and various Vanguard ETFs.
Material Changes
The filing text provided is a static snapshot of holdings as of June 30, 2017. It does not contain comparative data from the prior quarter (March 31, 2017) or year-over-year figures. Therefore, material changes versus the prior comparable period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are regulatory disclosures of past holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies related to the company's operations are disclosed in this table.
Important Facts for Investor Verification
- Self-Holding: Verify the significance of the $39.3 million holding in Nicolet Bankshares Inc common stock, which represents a substantial portion of the reported portfolio value.
- Concentration Risk: Assess the concentration in specific sectors, particularly Energy (via FlexShares Global Upstream Natural Gas) and Financials (via Wells Fargo, JP Morgan, and various ETFs).
- Derivative Positions: Investigate the nature of the "Other" (OTR) positions listed for several ETFs and the company's own stock to understand potential leverage or hedging strategies.
- Reporting Lag: Note that this data reflects positions as of June 30, 2017, and does not reflect current market values or recent trading activity.